Wednesday, 31 December 2014

Nigerian naira edges up, on course for sharp drop on year


The Nigerian naira rose in thin early trade to 181.42 against the dollar, leaving it on course for a 13.5 percent fall on the year.

The central bank devalued the naira at the end of November and this month tightened trading rules to try to curb speculation against the currency, which has slowed trading to a trickle.

A dealer was quoted as saying "People are mostly just giving indicative quotes. A lot of people are looking for dollars but there's not much dollar liquidity. I haven't been able to do a trade at all,".


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